AUDUSD: Bias Bearish Through Bounce
Strategy: Pending Short
AUDUSD remains support at 1.0511 – the 38.2% Fibonacci retracement of the rally from the March 17 low – with prices putting in a Doji candlestick and bouncing higher toward the 23.6% level at 1.0702. Broadly speaking, the overall structure remains bearish given the series of lower highs and lower lows after the pair topped out below the 1.10 figure and broke through rising channel support, reinforcing our fundamental outlook. With that in mind, current positioning doesn’t offer an actionable entry opportunity with the pair so close to near-term resistance and we will remain on the sidelines for now, waiting for a more attractive setup.
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